Grosse Pointe Park Manager Dale Krajniak said the benefit to the Park rental district from students and young professionals is already measurable.
In early 2011, before the project got under way, there were about 76 vacant bank-owned and abandoned properties in the Park, half of them within the boundaries of the housing district that the foundation serves.
By the end of 2012, there were only 13, including three in that district.
"We're also seeing the effect indirectly of the turnaround efforts in Detroit, even if they are happening mainly in downtown and Midtown.
As employment grows, then we seem to recover a bit with that," Krajniak
said the foundation has become a bit stretched, however, with an anticipated $600,000 per year in rental incentives compared to initial projections of $200,000 per year, and may soon seek cooperation from other local nonprofit organizations to help.
adds that the new influx of professional school students and medical residents through the foundation rental incentives program also helps build foot traffic for the city's reviving retailer district.
"In the recession, you could see that downward spiral of property values going down leading to rentals with bad tenants," he
The church expects to relocate elsewhere in the city within a few months, and the Cottons are in talks with two companies about moving a microbrewery business into its classical architecture, Krajniak
and Jon Cotton both said.
David told Crain's last week lease talks are still ongoing with the Cottons to house Marais
at the Pointe
Printing site, where Krajniak
said negotiations had stalled.
Zuckowski said Cotton and Krajniak
approached him a few times about his willingness to sell, and to advise him of adjacent property sales like St. Vincent De Paul.